A condominium owner recently asked Pivotal Property Management the following question:
“What type of insurance do I need to purchase for my condominium?”
This is an excellent question! Many condo owners scrambled to ensure that they have the necessary insurance coverage after a recent fire at Heatheridge Estates, an 80+ unit condominium complex on Edmonton’s south side that pretty much destroyed the whole building.
All condominium corporations are required by law to insure the corporations’ property, and is paid for with a portion of your condominium fees. This includes all of the common area. In most cases this will include the walls and structure of each individually owned unit. As an owner you can verify the exact coverage that your condominium corporation has by requesting a copy of the insurance policy from your condominium Board or property management company.
As an owner of a condo/home a major priority should be insuring the contents of your home. This is NOT included in your monthly condominium fees or condominium corporation policy. This insurance is relatively inexpensive, depending on the cash value amount you wish to insure your contents for, and can be set up by contacting your insurance company of choice.
When living in a condominium complex, liability insurance should seriously be considered. Not only will liability insurance cover you against another individual’s claim within your property, but also extends protection from any damage that occurs to another’s property that has been deemed to be your fault. For example if you leave a tap running and it floods the unit below yours, liability coverage would come into play.
There is never a shortage of insurance available and you can insure pretty much anything these days. As always we recommend that you seek out professional advice regarding insurance and work with an insurance broker to determine your specific needs and requirements
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